Peru’s banking system has remained one of the bright spots as the country’s economy struggles to regain steam. The country's economy expanded by 2.4% in 2014, a steep decline from the 5.8% recorded in 2013. Growth in the first six months of 2015 was 2.4%, with the government forecasting that it will top 3% for 2015. Private sector banks that evaluate Peru have a wide spread of predictions for the country’s GDP this year, ranging from Bank of America Merrill Lynch’s 2.1% to HSBC’s 3.5%.
The banking system has far outshone other sectors in Peru, according to data released by the National Statistics and Information Institute (INEI) in August. The banking sector continues to expand at a rate three times that of the overall economy. The sector expanded by 10.5% in June, compared to the same month in 2014. It was also the strongest mover in the 12 months through to June 2015, expanding by 11%.
